Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) released the following statement tonight after the House of Representatives took up their first legislation that would cut billions of dollars of Internal Revenue Service funding and undercut the Inflation Reduction Act.
“The Senate Democratic Majority knows this is a giveaway to the multi-millionaires and big corporations and Democrats won’t let it happen.
“It is well known that too many wealthy individuals and large corporations – through gaping loopholes – don’t pay their fair share of taxes while average Americans often pay a much higher percent. The thousands of increased IRS personnel are aimed at closing those loopholes and forcing the wealthy and well-connected to finally pay their fair share.
“It is incredible that the first move House Republicans make this Congress is to cut these agents and allow large corporations and wealthy individuals to continue to avoid paying their fair share of taxes.
“Republicans use the myth that this will hurt middle class tax payers but Secretary Yellen has publicly pledged that not a dime of the funding will be used to increase audits on small businesses or families making less than $400,000 annually. Just as they failed in 2017, when Republicans cut taxes on the rich and tried to scare the middle class, this won’t work either.”